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WTI Options Liquidity During Non-U.S. Hours

Highlights:

  • Over 80% of WTI Options (LO) have traded electronically for almost 3 years straight
  • LO volume continues to be driven by spread trading—a record 59% of LO volume was executed via spreads in March 2020
  • A record 21% of WTI Options are being traded overnight YTD in 2020 with ETH ADV at 31k
  • LO ADV traded during London Morning Hours is at 21k YTD, with a record 14% of total ADV executed during this time frame each day

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New Expiration Rules for Brent Options

Highlights:

Brent Crude Oil options (BZO) will be auto-exercised with no contrary instructions allowed beginning with the March 2020 contract expiration on NYMEX. The new options expirations rules allow a simpler and more transparent expiration process for traders hedging the volatile crude oil market.

For More Information:    

Clearing CME Globex Floor CME ClearPort Product Name Subgroup Exchange Volume Open Interest
LO LO - LO Crude Oil Option Crude Oil NYMEX 102,988 2,042,524
LN LNE - LN Natural Gas Option (European) Natural Gas NYMEX 68,180 2,501,877
G4 G4X - G4 Natural Gas (Henry Hub) Last-day Financial 1 Month Spread Option Natural Gas NYMEX 6,800 198,032
WA WAY - WA WTI Crude Oil 1 Month Calendar Spread Option Crude Oil NYMEX 6,350 251,105
LO4 LO4 - LO4 Crude Oil Weekly Options - Week 4 Crude Oil NYMEX 6,282 12,537
LO3 LO3 - LO3 Crude Oil Weekly Options - Week 3 Crude Oil NYMEX 4,768 0
LC LCE - LC Light Sweet Crude Oil European Financial Option Crude Oil NYMEX 4,000 45,818
BZO BZO - BZO Brent Crude Oil Futures-Style Margin Option Crude Oil NYMEX 3,031 85,216
G6 G6B - G6 Natural Gas (Henry Hub) Last-day Financial 6 Month Spread Option Natural Gas NYMEX 2,775 42,100
ON ON - ON Natural Gas Option (American) Natural Gas NYMEX 2,457 80,755
Trade Date: 21 Jan 2022 | FINAL

Note: Volume and Open Interest data is from the previous trade date. Preliminary data updates at approximately 9:00 p.m. CT and the final update is at 10:00 a.m. CT next business day.

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